If a pbx running r1178 is behind a firewall that is configured to drop outbound ntp packets, ntpclient stalls the boot for 10 minutes. Below is the syslog. (Note the timestamps for ntpclient and the next entry.)
Oct 18 22:10:23 syslogd started: BusyBox v1.14.3
Oct 18 22:10:23 init: starting pid 1001, tty '': '/etc/rc.bootup'
Oct 18 22:10:23 udhcpc[1043]: udhcpc (v1.14.3) started
Oct 18 22:10:23 udhcpc[1043]: Sending discover...
Oct 18 22:10:23 udhcpc[1043]: Sending select for 172.16.1.112...
Oct 18 22:10:23 udhcpc[1043]: Lease of 172.16.1.112 obtained, lease time 604800
Oct 18 22:10:24 ntpclient[1051]: Using server: pool.ntp.org
Oct 18 22:20:24 syslog: Password for 'root' changed
Oct 18 22:20:24 dropbear[1067]: Running in background
Oct 18 22:20:24 asterisk[1088]: VERBOSE[1088]: Asterisk Dynamic Loader Starting:
Oct 18 22:20:24 asterisk[1088]: VERBOSE[1088]: == Parsing '/etc/asterisk/modules.conf':
Oct 18 22:20:24 asterisk[1088]: VERBOSE[1088]: Found
After changing the firewall's outbound ntp rule from 'block' to 'reject', the pbx booted without delay.